Federal Reserve Statistical Release - August 15, 2008

FEDERAL RESERVE statistical release G.17 (419) INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION For release at 9:15 a.m. (EDT) August 15, 2008 Industrial production increased 0.2 percent in July after having advanced 0.4 percent in June. Manufacturing output gained 0.4 percent in July and was boosted by a rise of 3.6 percent in the production of motor vehicles and parts. Excluding motor vehicles and parts, the index for manufacturing increased 0.2 percent. (over) INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION: SUMMARY Seasonally adjusted 2002=100 Industrial production Total index Previous estimates Major market groups Final Products Consumer goods Business equipment Nonindustrial supplies Construction Materials Major industry groups Manufacturing (see note below) Previous estimates Mining Utilities 2008 Feb.r 112.3 112.2 Mar.r 112.0 112.2 Apr.r 111.3 111.4 Mayr 111.1 111.2 Juner 111.6 111.7 Julyp 111.8 2008 Feb.r -.3 -.4 Mar.r -.2 .1 Apr.r -.6 -.7 Percent change Mayr -.2 -.2 Juner .4 .5 Julyp .2 July ’07 to July ’08 -.1 113.8 107.9 131.1 107.2 102.3 112.6 113.1 106.7 132.0 106.7 102.3 112.8 112.1 106.0 129.5 106.3 101.3 112.4 112.0 105.8 129.8 106.0 101.7 112.1 112.8 106.7 130.1 106.0 101.5 112.5 113.2 107.0 131.1 105.7 101.7 112.7 -.2 -.1 -.2 -.5 -1.3 -.3 -.6 -1.1 .7 -.4 .0 .2 -.9 -.7 -1.9 -.4 -1.0 -.3 -.1 -.2 .3 -.3 .4 -.3 .7 .8 .2 -.1 -.2 .3 .4 .3 .8 -.3 .3 .3 -.4 -1.1 1.2 -2.3 -5.3 .8 113.1 113.1 103.6 112.6 113.2 113.4 103.9 108.7 112.2 112.3 103.9 110.4 112.3 112.3 103.9 107.9 112.4 112.5 104.8 110.3 112.8 105.8 108.3 -.6 -.7 .4 1.6 .1 .2 .2 -3.5 -.9 -.9 .0 1.6 .0 -.1 .1 -2.2 .1 .2 .9 2.3 .4 .9 -1.9 -1.1 4.2 2.5 Capacity growth Capacity utilization Total industry Previous estimates Manufacturing (see note below) Previous estimates Mining Utilities Stage-of-process groups Crude Primary and semifinished Finished Average 19722007 81.0 79.7 87.5 86.8 198889 high 85.0 85.4 86.3 92.7 199091 low 78.6 77.1 83.6 84.1 199495 high 85.1 84.6 88.7 93.9 Percent of capacity 200102 2007 2008 low July Feb.r 73.6 71.5 84.8 84.6 81.4 80.1 89.2 84.2 80.3 80.3 78.4 78.4 90.5 85.8 Mar.r 80.5 80.5 78.5 78.5 90.5 86.7 Apr.r 79.8 79.9 77.6 77.7 90.6 86.5 Mayr 79.6 79.6 77.5 77.6 90.6 84.4 Juner 79.8 79.9 77.5 77.6 91.4 86.2 Julyp 79.9 77.7 92.1 84.4 July ’07 to July ’08 1.7 1.9 .9 2.2 86.6 82.2 77.7 88.3 86.4 82.8 84.4 77.8 77.1 89.5 88.2 80.4 81.9 74.6 69.9 88.4 81.9 78.3 89.4 80.3 77.0 89.6 80.6 77.1 89.1 80.2 75.9 89.7 79.6 75.7 89.4 79.8 76.1 90.1 79.5 76.4 .7 2.2 1.9 r Revised. p Preliminary. Note. The statistics in this release cover output, capacity, and capacity utilization in the U.S. industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining, and electric and gas utilities. Mining is defined as all industries in sector 21 of the North American Industry Classification System (NAICS); electric and gas utilities are those in NAICS sectors 2211 and 2212. Manufacturing comprises NAICS manufacturing industries (sector 31-33) plus the logging industry and the newspaper, periodical, book, and directory publishing industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and information respectively), but historically they were considered to be manufacturing and were included in the industrial sector under the Standard Industrial Classification (SIC) system. In December 2002 the Federal Reserve reclassified all its industrial output data from the SIC system to NAICS. 1 The output of mines moved up 0.9 percent, while the output of utilities contracted 1.9 percent. At 111.8 percent of its 2002 average, total industrial production was 0.1 percent below its level of a year earlier. In July, the capacity utilization rate for total industry edged up to 79.9 percent, a level 1.1 percentage points below its average for 1972–2007. Market Groups The production of consumer goods increased 0.3 percent in July. The output of durable consumer goods rose 1.0 percent; an increase of 2.5 percent in the index for automotive products was partly offset by drops in the indexes for appliances, furniture, and carpeting and for home electronics. The index for miscellaneous consumer goods was unchanged. The production of nondurable consumer goods edged up 0.1 percent in July; the increase reflected a rise in the output of consumer energy goods, particularly gasoline. Non-energy nondurable consumer goods declined 0.2 percent; lower indexes for foods and tobacco, clothing, and paper products more than offset an increase in the output of chemical products. The output of business equipment climbed 0.8 percent in July. Production of transit equipment jumped 2.8 percent, and the output of industrial and other equipment rose 0.6 percent, an increase that reversed its June decline. The index for information processing and related equipment slipped 0.2 percent. The output of defense and space equipment gained 0.6 percent. The production of construction supplies increased 0.3 percent. On net, the output of construction supplies advanced over the past three months; its average monthly decrease over the preceding nine months had been about 0.7 percent. The index for business supplies fell 0.5 percent in July. Materials output moved up 0.3 percent in July following a similarly sized increase in June. The production of durable materials advanced 0.6 percent, and gains were widespread across its components. Consumer parts showed the largest advance, 2.1 percent, as the output of motor vehicle parts rose markedly. The production of nondurable materials edged down 0.1 percent, with declines in textile materials and paper materials partly offset by an increase in chemical materials. The index for energy materials rose 0.2 percent. Industry Groups Production in manufacturing advanced 0.4 percent in July. The factory operating rate increased to 77.7 percent, a level 2.0 percentage points below its 1972–2007 average. The production of durable goods rose 0.6 percent, and gains were widespread. The largest increase in July was for motor vehicles and parts, which advanced for a third consecutive month; nevertheless, this index remained 10.4 percent below its year-earlier level. The only durable goods industries to have registered declines in July were wood products, fabricated metal products, and furniture and related products. The output of nondurable goods rose 0.3 percent. Declines in the indexes for food, beverage, and tobacco products; textile and product mills; apparel and leather products; paper; and printing and support were more than offset by higher output of petroleum and coal products, chemicals, and plastics and rubber products. The index for non-NAICS manufacturing industries (logging and publishing) fell 1.3 percent. Production in publishing has fallen nearly 7 percent in the past 12 months. The output of electric and gas utilities dropped 1.9 percent in July, and the operating rate for utilities decreased 1.8 percentage points, to 84.4 percent, a rate 2.4 percentage points below its 1972–2007 average. Mining production increased 0.9 percent. Capacity utilization for mining rose to 92.1 percent, a rate just above the peak attained in 2000–01 and just below the peak in January 1998. Within mining, the rate of capacity 2 utilization in oil and gas extraction was particularly high. Capacity utilization rates at industries grouped by stage of process were as follows: For the crude stage, utilization rose 0.7 percentage point, to 90.1 percent, a rate 3.5 percentage points above its 1972–2007 average; for the primary and semifinished stages, utilization moved down 0.3 percentage point, to 79.5 percent, a rate 2.7 percentage points below its long-run average; and for the finished stage, utilization increased 0.3 percentage point, to 76.4 percent, a rate 1.3 percentage points below its long-run average. Tables 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. Industrial Production: Market and Industry Group Summary; percent change Industrial Production: Special Aggregates and Selected Detail; percent change Motor Vehicle Assemblies Industrial Production: Market and Industry Group Summary; indexes Industrial Production: Special Aggregates and Selected Detail; indexes Diffusion Indexes of Industrial Production Capacity Utilization Industrial Capacity Gross Value of Products and Nonindustrial Supplies Gross-Value-Weighted Industrial Production: Stage-of-Process Groups Historical Statistics: Total Industry Historical Statistics: Manufacturing Historical Statistics: Total Industry Excluding Selected High-Technology Industries Historical Statistics: Manufacturing Excluding Selected High-Technology Industries Further detail is available on the Board’s website (www.federalreserve.gov/releases/G17/). 3 1. Industrial production, capacity, and utilization 160 Ratio scale, 2002 output = 100 Total Manufacturing 160 135 135 110 Capacity 110 85 85 Production Detail: 2004 to present 60 118 114 110 106 102 98 Production 60 2004 2005 2006 2007 2008 35 1970 1975 1980 1985 1990 1995 2000 2005 35 100 95 Utilization 85 Percent of capacity 100 95 85 75 75 65 1970 1975 1980 1985 1990 1995 2000 2005 65 Notes: The shaded areas are periods of business recession as defined by the National Bureau of Economic Research (NBER). See note on cover page. 4 2. Industrial production and capacity utilization Consumer goods 115 110 105 100 95 90 85 80 75 1998 2000 2002 2004 2006 2008 Durable Nondurable Ratio scale, 2002=100 115 110 105 100 95 90 85 90 80 75 80 1998 2000 2002 2004 2006 2008 80 Defense and Space 90 120 110 100 Business 120 110 100 140 130 Equipment Ratio scale, 2002=100 140 130 Nonindustrial supplies 120 115 110 105 100 95 90 85 Other business Construction Ratio scale, 2002=100 120 115 110 105 100 95 90 85 120 115 110 105 100 95 90 85 80 75 Industrial materials Ratio scale, 2002=100 120 Non-energy 115 110 105 100 95 Energy 90 85 80 1998 2000 2002 2004 2006 2008 1998 2000 2002 2004 2006 2008 75 Capacity utilization 90 Percent of capacity 90 95 90 85 80 80 Capacity utilization Percent of capacity 95 Crude processing 85 Primary and semifinished processing 85 90 85 80 Finished processing 80 75 75 75 75 Excluding utilities 70 1998 2000 2002 2004 2006 2008 70 70 1998 2000 2002 2004 2006 2008 70 5 3. Industrial production and capacity utilization, high-technology industries Industrial production 125 115 95 75 Excluding high-technology industries Ratio scale, 2002 = 100 125 115 95 75 55 Total IP 55 35 1970 1975 1980 1985 1990 1995 2000 2005 35 Industrial production 15 10 5 0 -5 -10 -15 Percent change from year earlier 15 Total IP 10 5 0 Excluding the contribution of high-technology industries -5 -10 -15 1970 1975 1980 1985 1990 1995 2000 2005 Industrial production 400 300 200 150 100 50 Communications eq. Ratio scale, 2002 = 100 400 300 200 150 Computers 100 50 85 100 95 Capacity utilization Excluding high-technology industries Percent of capacity 100 95 85 75 75 65 Semiconductors 10 10 55 High-technology industries 2004 2006 2008 1990 1995 2000 2005 65 1998 2000 2002 55 Notes: High-technology industries are defined as semiconductors and related electronic components (NAICS 334412-9), computers (NAICS 3341),and communications equipment (NAICS 3342). The shaded areas are periods of business recession as defined by the NBER. 6 Table 1 I NDUSTRIAL P RODUCTION : M ARKET AND I NDUSTRY G ROUP S UMMARY Percent change, seasonally adjusted Fourth quarter to fourth quarter Item 2007 proportion1 100.00 2005 2.6 2006 1.7 2007 2.1 Annual rate 2007 2008 Q4 Q1r Q2r .3 .4 -3.2 Monthly rate 2008 Feb.r -.3 Mar.r -.2 Apr.r -.6 Mayr -.2 Juner .4 Julyp .2 July ’07 to July ’08 -.1 Total IP M ARKET G ROUPS Final products and nonindustrial supplies Consumer goods Durable Automotive products Home electronics Appliances, furniture, carpeting Miscellaneous goods Nondurable Non-energy Foods and tobacco Clothing Chemical products Paper products Energy Business equipment Transit Information processing Industrial and other Defense and space equipment Construction supplies Business supplies Materials Non-energy Durable Consumer parts Equipment parts Other Nondurable Textile Paper Chemical Energy I NDUSTRY G ROUPS Manufacturing Manufacturing (NAICS) Durable manufacturing Wood products Nonmetallic mineral products Primary metal Fabricated metal products Machinery Computer and electronic products Electrical equip., appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment Furniture and related products Miscellaneous Nondurable manufacturing Food, beverage, and tobacco products Textile and product mills Apparel and leather Paper Printing and support Petroleum and coal products Chemical Plastics and rubber products Other manufacturing (non-NAICS) Mining Utilities Electric Natural gas 56.13 29.33 6.68 3.23 .31 1.08 2.06 22.65 16.27 8.99 .54 4.71 1.56 6.38 9.38 1.71 2.72 4.95 1.73 4.21 10.64 43.87 29.30 17.55 2.92 6.02 8.62 11.75 .52 2.23 5.78 14.58 4.4 2.4 1.5 -1.9 11.0 1.6 5.6 2.7 3.0 3.9 -2.1 3.1 -.9 1.7 10.3 15.9 14.6 5.9 6.9 7.5 2.6 .3 2.4 5.4 .5 11.3 2.9 -2.2 .5 -1.1 -5.8 -4.0 1.0 .2 -3.9 -5.3 11.5 -6.1 -2.8 1.5 2.1 .3 .3 7.7 -2.4 -.2 7.8 9.1 12.8 4.4 -2.6 -3.5 -.3 2.5 1.3 1.2 -5.8 9.4 -2.0 1.6 -12.2 1.6 4.9 5.2 1.3 1.1 .9 3.6 14.2 -6.0 -1.5 1.2 .9 1.5 -1.9 .0 1.1 1.9 2.8 -3.4 8.9 1.7 5.2 -1.6 1.1 3.2 3.5 5.4 -2.0 12.5 3.0 .6 -9.4 -1.3 2.1 2.7 -1.6 -2.9 -7.2 -8.2 33.1 -12.9 -7.9 -1.5 -2.1 -4.6 -3.5 3.5 -5.1 .2 1.8 -4.2 13.3 -2.2 4.8 -8.3 .8 2.9 .9 2.1 -10.6 13.1 -.9 -.9 -8.8 2.9 -1.1 7.1 .4 .6 -11.4 -13.4 6.8 -19.8 -6.5 4.4 .6 -.4 -2.7 1.0 4.8 14.9 3.4 -6.3 11.8 2.1 1.7 -7.4 .0 .3 -1.6 .7 -12.6 10.3 -1.3 -4.9 -13.1 -4.2 -5.9 4.0 -4.4 -5.1 -16.1 -30.0 22.2 -6.7 -2.0 -1.9 -.6 .7 -10.0 -.2 -5.2 -5.0 -5.0 -8.1 8.7 -11.2 -2.2 -4.8 -3.7 -1.7 -2.6 -2.4 -11.6 4.8 -4.5 -2.8 -9.8 -2.5 -2.5 .0 -.2 -.1 -1.2 -1.1 .2 -2.1 -1.1 .2 -.1 -.1 -1.0 -.1 .1 1.1 -.2 -1.1 1.4 -.8 -1.1 -1.3 -.1 -.3 -.6 .0 -1.1 .9 -.2 -1.6 -.1 -1.9 -1.7 .3 -.6 -1.1 -2.2 -4.8 .5 .0 .5 -.8 .3 .9 -1.5 -.8 .6 -3.6 .7 -.7 1.0 .9 .0 .0 -.6 .2 .3 .3 -1.7 1.6 .0 .4 -1.8 .8 -.2 -.2 -.8 -.7 -3.7 -7.8 3.9 -.2 -.6 .1 -.4 -.4 -.6 .4 -2.1 1.4 -1.9 -2.3 .6 -3.1 -.1 -1.0 -.2 -.3 -.6 -.6 -1.8 .0 -.7 -.7 -1.0 -.9 -.3 .2 -.1 -.2 .6 1.2 2.1 -.7 .1 -.4 .0 .0 -1.5 -.2 .5 -1.2 .3 .8 .2 .1 -.5 .4 -.5 -.3 -.1 -.6 -.4 -.5 -.7 .6 .3 2.2 .6 -.5 .5 .8 2.6 6.2 -1.7 -1.0 .1 .4 .2 -.1 1.0 .8 .0 .9 .2 1.8 .5 -.5 .8 -.2 .0 .3 .1 .4 1.6 .4 .1 -.4 -1.5 -3.1 .1 .6 .2 .3 1.0 2.5 -.5 -1.0 .0 .1 -.2 -.3 -.7 .5 -1.4 .6 .8 2.8 -.2 .6 .6 .3 -.5 .3 .3 .6 2.1 .4 .2 -.1 -1.9 -.9 .3 .2 -.9 -1.1 -7.2 -9.3 14.4 -12.2 -4.3 .7 -.7 -1.6 -5.5 2.0 -2.9 4.7 1.2 -1.2 9.6 -2.6 2.0 -5.3 -1.1 .8 -.7 .7 -6.6 7.6 -1.8 -2.7 -12.3 -3.6 -1.9 3.9 31–33 321 327 331 332 333 334 335 3361–3 3364–9 337 339 78.70 75.02 38.51 1.19 2.25 2.70 5.58 4.89 6.85 1.93 5.12 3.50 1.43 3.09 36.50 10.74 .93 .57 2.54 1.87 5.24 11.57 3.04 3.68 11.62 9.68 7.98 1.70 3.7 3.9 6.9 11.6 5.3 -1.1 6.2 8.3 15.1 1.8 -.3 11.5 1.6 6.6 .7 4.1 -.3 -1.3 -.7 .5 -3.7 -1.2 2.6 -.5 -4.9 2.0 3.5 -4.6 1.1 1.4 1.6 -13.3 -3.5 -4.2 3.2 2.5 12.2 -.5 -5.9 4.5 -1.6 2.7 1.3 .3 -11.7 -.8 .3 1.9 2.2 5.0 -3.6 -4.5 8.2 -.7 -1.2 1.5 2.3 2.5 3.9 -6.8 .7 4.1 3.4 -.7 13.9 3.7 -2.2 10.9 -1.7 1.5 .9 2.1 -8.1 -2.0 -2.2 -1.3 -.5 1.4 4.4 -1.4 .2 3.1 3.3 2.0 -.6 -.4 .3 -17.5 -6.5 .0 1.4 -5.8 20.6 -2.1 -13.1 6.7 -7.5 -1.2 -1.1 -3.7 -8.9 -2.1 .3 .3 .2 .1 1.8 -4.7 5.4 2.2 3.3 -3.3 -1.0 -.9 -.5 -13.8 -8.5 10.3 .8 -1.4 13.7 1.5 -14.4 -1.2 -16.0 .6 -1.3 .0 -11.2 -2.7 -2.9 -4.3 8.0 -3.0 -8.2 -3.4 3.5 8.0 3.8 30.6 -3.9 -3.7 -5.9 -7.2 -4.4 -12.8 -5.7 -9.7 13.1 3.0 -28.9 -4.2 -9.3 -1.0 -1.3 .6 -8.1 -9.2 -.3 -7.3 .6 -1.8 -4.0 -9.8 2.4 -4.1 -4.6 -2.0 -.6 -.6 -.5 -1.4 -1.1 -1.0 .1 -.9 1.9 -1.5 -1.0 -1.7 -1.7 -2.2 -.7 -.2 .0 -.9 -2.4 -1.2 -1.0 -.9 -.2 -.1 .4 1.6 1.0 4.5 .1 .1 .1 .4 1.4 -1.1 .1 1.6 1.7 1.5 -4.8 -.3 -.5 1.6 .1 1.1 -.8 -1.4 1.5 1.2 -1.0 -.4 -.8 -.2 .2 -3.5 -2.8 -6.8 -.9 -.9 -1.5 -1.5 -1.4 -1.4 -.8 -3.2 1.1 -.4 -6.6 -.6 -1.0 -.7 -.2 -.3 -1.3 -.6 -1.3 -1.0 1.1 -.2 -.7 -1.9 .0 1.6 1.2 3.2 .0 .1 -.1 -.3 .2 -1.9 -.8 .0 .2 .9 .6 -.2 -.5 .2 .3 -.3 .1 -1.4 2.7 -.4 .2 .5 .2 -.4 .1 -2.2 -2.7 -.2 .1 .1 .6 -.1 -1.1 1.0 -.9 .0 .4 .1 4.8 1.3 -.5 -.1 -.4 -.1 -1.0 1.0 -2.1 -2.9 -.2 -.1 .5 -.6 .9 2.3 2.9 -.7 .4 .4 .6 -1.3 .7 .8 -.4 .7 .1 .2 3.6 1.0 -.8 .4 .3 -.1 -1.8 -.5 -.9 -1.4 1.9 .3 .6 -1.3 .9 -1.9 -2.3 -.1 -1.1 -.9 -.8 -12.3 -4.7 -1.9 -1.9 -3.9 12.7 .9 -10.4 2.7 -9.8 .1 -.9 -1.2 -11.1 -4.6 -2.5 -5.7 4.1 -.8 -1.8 -6.4 4.2 2.5 1.5 7.5 311,2 313,4 315,6 322 323 324 325 326 1133,5111 21 2211,2 2211 2212 r Revised. p Preliminary. NOTE. Under the industry groups, the figures to the right of the series descriptions are 2002 North American Industry Classification System (NAICS) codes. The abbreviation pt denotes part of a NAICS code. Additional industry detail is available on the Board’s web site (www.federalreserve.gov/releases/G17). Under market groups, in the products category, miscellaneous consumer nondurables, oil and gas drilling, and manufactured homes are not shown separately; in the nondurable materials category, containers and miscellaneous nondurable materials are not shown separately. 1. The proportion data are estimates of the relative contribution of each series to the growth of total industrial production in the following year. 7 Table 2 I NDUSTRIAL P RODUCTION : S PECIAL AGGREGATES AND S ELECTED D ETAIL Percent change, seasonally adjusted Fourth quarter to fourth quarter Item 2007 proportion 100.00 24.66 6.38 2.94 .77 4.15 10.42 75.34 4.31 .98 1.28 2.04 2005 2.6 -1.8 1.7 .4 11.9 -2.6 -4.6 3.9 22.4 28.8 13.7 24.0 2006 1.7 3.7 -.2 1.2 14.8 2.5 6.4 1.1 17.3 18.0 20.6 15.4 2007 2.1 2.3 1.9 2.0 -.8 5.3 1.6 2.1 22.3 16.7 20.6 25.9 2007 Q4 .3 4.7 .2 3.9 -.9 6.4 7.3 -1.0 29.5 19.9 30.4 33.7 Annual rate 2008 Q1r Q2r .4 7.0 14.9 7.4 1.2 2.3 4.7 -1.7 17.6 25.0 6.4 21.8 -3.2 -1.0 -5.0 -2.0 20.1 .1 .0 -4.0 16.9 8.4 15.7 21.9 Monthly rate 2008 Feb.r -.3 .6 1.1 1.5 -1.1 -.1 .4 -.6 2.2 2.2 .2 3.3 Mar. r Apr. r May r June r July p July ’07 to July ’08 -.1 4.1 4.7 3.2 5.7 4.1 3.8 -1.5 17.4 15.4 15.4 19.7 Total industry Energy Consumer products Commercial products Oil and gas well drilling Converted fuel Primary energy Non-energy Selected high-technology industries Computers and peripheral equipment Communications equipment Semiconductors and related electronic components Excluding selected high-technology industries Motor vehicles and parts Motor vehicles Motor vehicle parts Excluding motor vehicles and parts Consumer goods Business equipment Construction supplies Business supplies Materials 3361–3 3361 3363 -.2 -1.5 -3.6 -3.9 2.1 -1.6 .3 .2 2.5 .9 1.9 3.7 -.6 .8 1.4 2.0 1.9 1.4 -.3 -1.0 1.5 .2 2.5 1.6 -.2 -.8 -1.2 -1.5 1.7 -.6 -.5 .0 -.2 .3 -.2 -.5 .4 .9 .9 2.1 1.5 .3 .7 .2 .5 .7 .0 .8 .2 .2 .6 -.9 -.4 -1.2 .7 .2 .3 .6 -.2 .4 213111 3341 3342 334412–9 71.03 5.12 2.28 2.47 65.91 19.88 7.33 4.17 7.41 25.38 2.7 -.3 -2.3 -.6 3.0 3.1 7.3 7.5 2.4 .6 .0 -5.9 -7.0 -4.3 .6 1.0 5.8 -3.7 -1.6 .7 .8 -2.2 -2.7 .5 1.1 .3 2.8 -1.9 -.1 1.8 -2.8 -13.1 -17.6 -8.0 -1.9 -3.0 .0 -8.8 -1.5 -.8 -2.9 -14.4 -16.7 -10.8 -2.0 -1.7 2.6 -7.6 -3.5 -2.5 -5.2 -28.9 -39.6 -17.6 -3.3 -1.4 -6.6 -5.1 -5.3 -2.9 -.7 -1.0 -1.8 -.6 -.7 -.4 -.5 -1.3 -.9 -.9 .0 -4.8 -6.4 -3.6 .4 .3 .8 .0 .7 .4 -1.2 -6.6 -11.9 -2.5 -.8 -.4 -2.2 -1.0 -1.1 -.6 .1 .6 3.2 -.5 .0 .0 .2 .4 -.1 .0 .2 4.8 9.3 1.8 -.1 .0 .0 -.2 -.9 .0 .2 3.6 5.5 2.6 .0 -.2 .5 .3 -.4 .1 -2.6 -10.4 -12.6 -6.3 -2.0 -1.9 -.3 -5.6 -3.5 -1.7 Measures excluding selected high-technology industries Total industry Manufacturing1 Durable Measures excluding motor vehicles and parts Total industry Manufacturing1 Durable Measures excluding selected high-technology industries and motor vehicles and parts Total industry Manufacturing1 95.69 74.39 34.37 1.6 2.5 4.7 .9 .1 -.5 1.2 1.1 1.5 -1.0 -2.3 -3.2 -.4 -2.1 -2.8 -4.1 -5.2 -8.6 -.4 -.8 -.9 -.4 -.1 -.2 -.7 -1.1 -1.9 -.2 .1 -.1 .4 .1 .6 .2 .4 .7 -1.0 -2.2 -3.1 94.88 73.58 33.56 2.8 4.0 8.1 2.1 1.7 2.8 2.4 2.6 4.8 1.1 .3 2.6 1.2 .0 1.7 -1.7 -2.1 -2.1 -.2 -.6 -.4 .0 .4 .8 -.3 -.6 -.8 -.2 .0 -.2 .2 -.2 .0 .1 .2 .3 .4 -.4 .8 90.57 69.27 1.7 2.7 1.4 .6 1.4 1.3 -.2 -1.4 .4 -1.1 -2.6 -3.3 -.4 -.8 -.1 .3 -.4 -.7 -.2 .0 .2 -.2 .1 .2 -.4 -1.6 Stage-of-process components of non-energy materials, measures of the input to Finished processors Primary and semifinished processors r Revised. p Preliminary. 1. Refer to note on cover page. 11.68 17.61 5.6 .1 2.8 .3 5.1 2.4 4.0 -1.1 .6 -3.0 -1.2 -3.5 -.2 -.9 .5 .2 -.6 -.6 .1 -.2 -.1 .2 .5 .2 1.0 -1.8 Table 3 M OTOR V EHICLE A SSEMBLIES Millions of units, seasonally adjusted annual rate Item Total Autos Trucks Light Medium and heavy Memo Autos and light trucks 2007 average 10.75 3.92 6.83 6.55 .28 2007 Q3 10.93 3.93 7.01 6.75 .25 Q4 10.50 3.97 6.53 6.29 .24 2008 Q1 9.91 3.93 5.98 5.74 .24 Q2 8.79 3.62 5.17 4.92 .25 2008 Feb. 10.14 3.86 6.28 6.05 .23 Mar. 9.39 3.98 5.41 5.15 .26 Apr. 8.44 3.51 4.94 4.67 .27 May 8.68 3.62 5.07 4.80 .26 June 9.25 3.74 5.50 5.29 .21 July 9.80 4.68 5.12 4.88 .24 10.47 10.68 10.26 9.67 8.54 9.90 9.13 8.17 8.42 9.04 9.56 NOTE. Seasonal factors and underlying data for auto, light truck, and medium and heavy truck production are available on the Board’s web site, www.federalreserve.gov/releases/G17/mvsf.htm 8 Table 4 I NDUSTRIAL P RODUCTION I NDEXES : M ARKET AND I NDUSTRY G ROUP S UMMARY 2002 = 100, seasonally adjusted Item Total IP M ARKET G ROUPS Final products and nonindustrial supplies Consumer goods Durable Automotive products Home electronics Appliances, furniture, carpeting Miscellaneous goods Nondurable Non-energy Foods and tobacco Clothing Chemical products Paper products Energy Business equipment Transit Information processing Industrial and other Defense and space equipment Construction supplies Business supplies Materials Non-energy Durable Consumer parts Equipment parts Other Nondurable Textile Paper Chemical Energy I NDUSTRY G ROUPS Manufacturing Manufacturing (NAICS) Durable manufacturing Wood products Nonmetallic mineral products Primary metal Fabricated metal products Machinery Computer and electronic products Electrical equip., appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment Furniture and related products Miscellaneous Nondurable manufacturing Food, beverage, and tobacco products Textile and product mills Apparel and leather Paper Printing and support Petroleum and coal products Chemical Plastics and rubber products Other manufacturing (non-NAICS) Mining Utilities Electric Natural gas r Revised. p Preliminary. NOTE. Refer to notes on table 1. 2007 proportion 100.00 56.13 29.33 6.68 3.23 .31 1.08 2.06 22.65 16.27 8.99 .54 4.71 1.56 6.38 9.38 1.71 2.72 4.95 1.73 4.21 10.64 43.87 29.30 17.55 2.92 6.02 8.62 11.75 .52 2.23 5.78 14.58 78.70 75.02 38.51 1.19 2.25 2.70 5.58 4.89 6.85 1.93 5.12 3.50 1.43 3.09 36.50 10.74 .93 .57 2.54 1.87 5.24 11.57 3.04 3.68 11.62 9.68 7.98 1.70 2007 Nov. 112.3 111.8 107.4 102.9 101.1 167.6 92.9 103.2 108.8 108.8 109.5 76.2 118.0 95.2 109.0 130.2 123.2 162.7 116.2 120.2 104.5 109.2 113.0 117.2 126.4 92.9 176.5 110.4 103.5 73.1 97.7 112.5 103.3 113.8 115.1 122.9 94.2 109.7 111.0 113.7 115.4 196.2 105.0 95.8 126.9 101.4 116.0 106.6 110.0 77.1 76.8 95.4 99.4 108.1 114.7 105.4 91.7 102.9 109.1 111.1 99.4 Dec. 112.4 111.9 107.4 102.7 101.6 170.1 91.7 102.3 108.8 109.2 109.6 78.0 118.5 95.9 108.1 131.2 123.9 164.8 116.7 119.9 104.2 108.9 113.1 116.9 125.8 90.7 176.7 110.0 103.7 72.6 99.3 112.3 104.1 113.8 115.1 122.8 94.3 105.9 112.9 113.1 114.6 198.1 106.1 95.5 126.4 100.1 117.2 106.8 110.1 77.2 78.7 97.3 99.0 108.5 114.6 104.5 91.9 103.9 108.2 109.7 101.2 2008 Jan. 112.6 112.3 108.0 101.1 99.6 167.7 89.1 101.9 110.1 109.3 109.3 77.2 119.1 96.5 112.6 131.4 122.5 165.2 117.4 120.9 103.6 109.3 113.0 116.7 126.0 90.1 178.3 109.8 103.1 71.0 97.8 111.9 104.2 113.8 115.2 122.9 92.3 106.1 115.2 113.4 115.2 198.5 106.1 93.9 127.4 98.1 117.8 106.8 110.0 75.3 77.8 96.0 98.4 111.7 114.6 103.0 91.3 103.2 110.8 112.4 103.2 Feb.r 112.3 112.0 107.9 100.0 98.5 168.1 87.3 100.9 110.4 109.1 109.2 76.5 119.0 96.6 113.8 131.1 121.1 167.5 116.5 119.6 102.3 109.2 112.6 116.0 126.0 89.1 179.9 109.6 101.4 71.0 95.9 109.9 104.5 113.1 114.5 122.2 91.0 104.9 114.1 113.5 114.1 202.2 104.4 93.0 125.2 96.4 115.3 106.0 109.7 75.2 77.1 93.7 97.3 110.6 113.6 102.8 91.2 103.6 112.6 113.5 107.9 Mar.r 112.0 111.3 106.7 97.8 93.8 168.8 87.3 101.3 109.5 109.5 110.2 75.3 118.0 97.2 109.7 132.0 120.2 169.3 117.5 119.5 102.3 108.5 112.8 116.4 126.4 87.6 182.7 109.6 101.8 69.6 96.6 109.7 104.3 113.2 114.6 122.4 91.4 106.4 112.8 113.6 115.9 205.7 106.0 88.6 124.8 95.9 117.1 106.2 111.0 74.7 76.0 95.1 98.4 109.5 113.1 102.0 91.0 103.9 108.7 110.4 100.6 Apr.r 111.3 110.5 106.0 94.2 86.5 175.4 87.1 100.8 109.6 109.1 109.8 74.8 118.5 95.1 111.2 129.5 117.4 170.3 113.8 119.4 101.3 108.3 112.4 115.7 125.6 86.0 182.7 108.9 101.1 68.9 95.8 109.3 104.5 112.2 113.6 120.5 90.1 104.8 111.2 112.8 112.2 207.9 105.7 82.7 124.1 94.9 116.3 105.9 110.6 73.7 75.6 93.8 97.4 110.6 112.9 101.3 89.3 103.9 110.4 111.7 103.7 Mayr 111.1 110.4 105.8 94.7 87.5 179.1 86.5 100.9 109.2 109.1 109.9 73.7 118.3 95.6 109.9 129.8 118.3 170.7 113.9 118.8 101.7 107.8 112.1 115.6 125.0 85.7 181.9 108.1 101.7 69.2 97.8 110.0 103.9 112.3 113.7 120.4 89.8 105.0 109.1 111.9 112.2 208.2 106.6 83.2 123.8 94.4 116.6 106.2 110.3 73.7 74.5 96.4 97.0 110.9 113.5 101.5 88.9 103.9 107.9 108.7 103.5 Juner 111.6 110.9 106.7 97.2 93.0 176.1 85.6 101.0 109.6 109.2 109.7 74.5 119.2 95.6 110.8 130.1 120.4 171.6 113.4 119.7 101.5 107.8 112.5 115.6 125.5 87.1 182.6 108.2 101.3 68.1 94.8 110.1 104.6 112.4 113.8 121.1 89.7 103.9 110.2 110.9 112.1 209.1 106.7 87.2 125.4 94.0 116.4 105.8 110.2 73.0 75.3 94.3 94.2 110.7 113.3 102.0 88.4 104.8 110.3 111.9 102.8 Julyp 111.8 111.2 107.0 98.2 95.3 175.1 84.7 101.0 109.7 109.1 109.3 73.9 119.8 94.3 111.5 131.1 123.8 171.3 114.1 120.4 101.7 107.2 112.7 116.0 126.2 88.9 183.4 108.4 101.1 66.9 93.9 110.4 104.8 112.8 114.3 121.9 88.5 104.7 111.0 110.5 112.9 209.2 106.8 90.3 126.7 93.2 116.9 106.1 110.1 71.7 74.9 93.5 92.9 112.8 113.7 102.6 87.3 105.8 108.3 109.4 102.7 31–33 321 327 331 332 333 334 335 3361–3 3364–9 337 339 311,2 313,4 315,6 322 323 324 325 326 1133,5111 21 2211,2 2211 2212 9 Table 5 I NDUSTRIAL P RODUCTION I NDEXES : S PECIAL AGGREGATES 2002 = 100, seasonally adjusted Item Total industry Energy Consumer products Commercial products Oil and gas well drilling Converted fuel Primary energy Non-energy Selected high-technology industries Computers and peripheral equipment Communications equipment Semiconductors and related electronic components Excluding selected high-technology industries Motor vehicles and parts Motor vehicles Motor vehicle parts Excluding motor vehicles and parts Consumer goods Business equipment Construction supplies Business supplies Materials 3361–3 3361 3363 2007 proportion 100.00 24.66 6.38 2.94 .77 4.15 10.42 75.34 4.31 .98 1.28 2.04 2007 Nov. 112.3 107.1 109.0 115.7 169.1 108.0 101.2 113.6 247.5 198.1 188.6 312.6 Dec. 112.4 107.3 108.1 113.9 174.1 108.8 101.9 113.7 250.6 201.4 192.4 314.5 2008 Jan. 112.6 108.8 112.6 117.2 169.3 110.2 101.6 113.4 251.6 205.7 190.5 315.8 Feb.r 112.3 109.4 113.8 119.0 167.5 110.0 102.0 112.8 257.0 210.3 190.9 326.4 Mar.r 112.0 107.8 109.7 114.3 171.0 108.3 102.4 113.0 263.4 212.1 194.6 338.3 Apr.r 111.3 108.6 111.2 116.6 174.3 109.8 102.1 111.8 267.5 212.6 199.4 343.6 Mayr 111.1 107.8 109.9 114.8 177.3 109.2 101.5 111.8 266.9 213.4 199.0 342.0 Juner 111.6 108.7 110.8 117.3 179.9 109.6 102.3 112.1 268.3 214.8 199.0 344.6 Julyp 111.8 108.9 111.5 116.3 179.2 108.3 103.1 112.4 269.0 216.2 198.7 346.0 213111 3341 3342 334412–9 71.03 5.12 2.28 2.47 65.91 19.88 7.33 4.17 7.41 25.38 107.4 95.8 96.1 94.8 108.4 107.4 120.0 103.8 102.4 108.3 107.4 95.5 96.4 93.5 108.4 107.6 120.5 103.4 102.5 108.1 107.1 93.9 94.5 93.0 108.2 107.3 121.0 102.9 101.9 107.9 106.3 93.0 92.8 92.5 107.4 106.9 120.4 101.5 100.9 106.9 106.3 88.6 86.8 89.2 107.8 107.2 121.3 101.5 101.6 107.3 105.0 82.7 76.5 87.0 106.9 106.8 118.7 100.4 100.5 106.6 105.1 83.2 78.9 86.6 107.0 106.8 119.0 100.8 100.4 106.6 105.3 87.2 86.3 88.1 106.9 106.8 119.0 100.6 99.5 106.5 105.5 90.3 91.0 90.4 106.9 106.6 119.6 100.9 99.1 106.6 Measures excluding selected high-technology industries Total industry Manufacturing1 Durable Measures excluding motor vehicles and parts Total industry Manufacturing1 Durable Measures excluding selected high-technology industries and motor vehicles and parts Total industry Manufacturing1 95.69 74.39 34.37 94.88 73.58 33.56 107.4 107.7 110.7 113.4 115.3 128.0 107.4 107.6 110.5 113.5 115.4 128.0 107.6 107.6 110.5 113.8 115.5 128.4 107.2 106.8 109.5 113.5 114.8 127.8 106.7 106.7 109.3 113.5 115.3 128.9 106.0 105.6 107.2 113.2 114.7 127.9 105.8 105.6 107.0 112.9 114.7 127.6 106.3 105.7 107.7 113.2 114.5 127.6 106.5 106.1 108.4 113.2 114.7 127.9 90.57 69.27 108.1 108.7 108.2 108.7 108.4 108.8 108.0 107.9 107.9 108.2 107.5 107.5 107.3 107.5 107.5 107.3 107.5 107.4 Stage-of-process components of non-energy materials, measures of the input to Finished processors Primary and semifinished processors r Revised. p Preliminary. 1. Refer to note on cover page. 11.68 17.61 128.3 109.2 128.0 109.0 127.9 108.7 127.7 107.7 128.3 108.0 127.6 107.3 127.7 107.0 127.5 107.3 128.1 107.4 Table 6 D IFFUSION I NDEXES OF I NDUSTRIAL P RODUCTION Percent Item One month earlier 2006 2007 2008 Three months earlier 2006 2007 2008 Six months earlier 2006 2007 2008 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 60.9 42.9 48.1 58.3 46.2 48.4 56.4 38.8 46.5 43.3 56.4 45.5 50.6 52.9 42.6 54.2 43.6 43.9 52.6 58.3 52.2 56.4 51.0 46.5 58.0 45.5 46.8 57.4 62.2 41.3 51.9 62.5 41.0 57.7 57.4 43.9 49.0 49.7 53.4 55.1 59.6 48.1 52.9 58.7 44.6 52.9 57.4 53.4 51.3 61.9 48.1 52.2 56.4 48.1 56.1 55.6 52.6 59.6 48.4 45.5 52.6 56.7 44.6 53.8 49.4 55.8 42.0 44.6 41.7 43.6 42.3 57.1 37.5 52.9 59.0 50.0 45.2 51.9 49.0 65.4 53.8 57.7 49.0 61.2 44.2 51.6 44.9 53.5 47.1 54.8 NOTE. The diffusion indexes are calculated as the percentage of series that increased over the indicated span (one, three, or six months) plus one-half the percentage that were unchanged. 10 Table 7 C APACITY U TILIZATION Percent of capacity, seasonally adjusted Item 2007 proportion 100.00 19722007 ave. 81.0 79.7 79.5 78.0 79.9 79.4 80.9 77.5 78.7 78.3 83.2 77.4 72.7 78.6 76.6 81.6 81.5 82.0 78.4 87.6 83.5 85.9 78.3 83.6 84.5 87.5 86.8 199495 high 85.1 84.6 84.7 84.2 87.9 84.0 95.8 85.5 87.6 83.7 93.1 89.0 68.8 83.2 81.2 85.4 84.0 91.8 87.5 92.4 86.5 90.5 81.2 91.8 83.0 88.7 93.9 200102 low 73.6 71.5 71.0 68.1 70.7 74.9 68.5 69.5 63.7 58.2 72.0 69.7 62.8 68.2 70.5 74.8 75.7 68.9 60.2 78.5 72.6 83.8 69.4 74.6 80.3 84.8 84.6 2007 Q4 81.0 79.3 79.3 77.8 70.1 78.2 83.9 81.3 77.3 77.4 83.4 72.4 80.4 76.6 74.7 81.0 81.1 68.9 73.0 82.6 76.4 88.9 78.9 84.6 79.2 90.2 85.9 2008 Q1r 80.6 78.7 78.7 77.0 67.7 75.9 85.7 81.1 76.5 77.6 83.4 69.8 80.2 73.6 74.3 80.6 80.9 67.5 73.1 82.1 75.4 90.5 78.2 82.4 78.2 90.4 86.7 Q2r 79.7 77.6 77.6 75.4 66.5 74.9 82.5 79.9 74.3 78.0 83.4 64.0 78.6 71.9 73.8 80.1 80.8 66.4 71.9 82.1 73.7 90.7 77.4 81.2 76.3 90.9 85.7 2008 Feb.r 80.3 78.4 78.4 76.8 67.6 74.9 85.6 81.0 76.0 77.4 82.5 70.7 79.8 73.3 73.3 80.3 80.1 67.4 73.3 81.1 74.7 90.6 78.1 82.8 77.8 90.5 85.8 Mar.r 80.5 78.5 78.6 76.8 67.3 76.3 84.7 81.0 76.9 78.5 83.8 67.2 79.8 72.9 74.6 80.5 81.7 67.5 72.2 82.3 75.7 89.6 77.8 81.6 78.1 90.5 86.7 Apr.r 79.8 77.6 77.6 75.4 66.6 75.2 83.3 80.6 74.4 78.5 83.1 62.8 78.5 72.2 73.8 80.1 81.1 66.4 72.1 81.2 74.7 90.6 77.3 81.0 76.7 90.6 86.5 Mayr 79.6 77.5 77.6 75.2 66.5 75.2 81.7 80.0 74.3 77.9 83.6 63.1 78.2 71.9 73.9 80.3 80.8 66.7 71.3 83.5 74.3 90.9 77.6 81.1 76.4 90.6 84.4 Juner 79.8 77.5 77.6 75.4 66.4 74.3 82.4 79.2 74.2 77.6 83.5 66.1 79.1 71.6 73.6 80.0 80.7 66.2 72.3 81.7 72.1 90.7 77.4 81.4 75.9 91.4 86.2 Julyp 79.9 77.7 77.8 75.8 65.6 74.8 83.0 78.9 74.6 77.0 83.5 68.5 79.8 71.0 73.9 80.2 80.5 65.1 72.1 81.1 71.0 92.5 77.6 81.7 74.9 92.1 84.4 Total industry Manufacturing Manufacturing (NAICS) Durable manufacturing Wood products Nonmetallic mineral products Primary metal Fabricated metal products Machinery Computer and electronic products Electrical equip., appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment Furniture and related products Miscellaneous Nondurable manufacturing Food, beverage, and tobacco products Textile and product mills Apparel and leather Paper Printing and support Petroleum and coal products Chemical Plastics and rubber products Other manufacturing (non-NAICS) Mining Utilities 1 31–33 321 327 331 332 333 334 335 3361–3 3364–9 337 339 80.83 77.04 41.25 1.36 2.35 2.64 5.64 5.15 7.82 1.87 5.82 3.69 1.53 3.38 35.78 10.68 1.08 .66 2.50 2.00 4.21 11.69 2.98 3.79 9.90 9.27 311,2 313,4 315,6 322 323 324 325 326 1133,5111 21 2211,2 Selected high-technology industries Computers and peripheral equipment Communications equipment Semiconductors and related electronic components Measures excluding selected high-technology industries Total industry Manufacturing1 3341 3342 334412–9 4.93 1.13 1.45 2.35 78.1 77.9 75.7 80.8 85.6 86.3 82.8 92.2 55.9 66.8 40.4 57.4 79.9 78.3 80.1 80.5 79.6 79.6 80.7 79.1 79.9 79.6 81.0 79.5 79.2 80.0 80.9 78.0 80.9 80.0 80.7 81.6 80.9 80.0 81.8 81.0 79.7 79.5 81.0 79.2 79.1 79.4 80.3 78.5 78.3 79.3 79.5 77.5 95.07 75.90 81.2 79.8 85.0 84.5 74.8 72.8 81.0 79.2 80.7 78.6 79.7 77.4 80.4 78.4 80.5 78.4 79.8 77.4 79.6 77.4 79.8 77.4 79.9 77.7 S TAGE - OF - PROCESS GROUPS Crude Primary and semifinished Finished r Revised. p Preliminary. 1. Refer to note on cover page. 13.93 47.15 38.92 86.6 82.2 77.7 89.5 88.2 80.4 81.9 74.6 69.9 89.3 81.3 77.6 89.5 80.8 77.2 89.4 79.8 75.9 89.4 80.3 77.0 89.6 80.6 77.1 89.1 80.2 75.9 89.7 79.6 75.7 89.4 79.8 76.1 90.1 79.5 76.4 11 Table 8 I NDUSTRIAL C APACITY Percent change Item Average annual rate 19721980198979 88 94 3.0 3.2 .8 4.2 2.0 2.2 .0 2.3 2.2 2.5 -.8 1.5 Fourth quarter to fourth quarter 19952008 3.0 3.4 -.4 2.2 2005 .8 1.4 -1.1 .7 2006 1.3 1.4 1.4 .8 2007 1.8 2.0 1.7 1.2 2008 1.5 1.7 .7 2.2 2007 Q4 1.9 2.2 1.3 2.1 Annual rate 2008 Q1 Q2 1.8 2.0 .9 2.3 1.6 1.8 .7 2.4 Q3 1.4 1.6 .6 2.2 Monthly rate 2008 July .1 .1 .0 .2 Total industry Manufacturing Mining Utilities 1 Selected high-technology industries Manufacturing1 ex. selected high-technology industries 19.7 2.6 17.4 1.3 15.6 1.6 24.7 1.5 13.1 .7 10.3 .8 21.4 .8 17.6 .8 23.0 .9 20.8 .9 18.0 .8 16.1 .8 1.2 .1 S TAGE - OF - PROCESS GROUPS Crude Primary and semifinished Finished 1. Refer to note on cover page. 1.7 3.0 3.8 .3 1.4 3.4 -.4 2.4 2.6 .0 3.5 3.2 -.8 .8 2.3 .9 1.2 1.8 1.4 2.1 1.7 .5 1.9 1.8 1.0 2.4 1.9 .7 2.3 1.9 .5 2.0 1.8 .4 1.7 1.8 .0 .1 .1 Table 9 G ROSS VALUE OF F INAL P RODUCTS AND N ONINDUSTRIAL S UPPLIES Billions of 2000 dollars at annual rate, seasonally adjusted Item Final products and nonindustrial supplies Final products Consumer goods Durable Automotive products Other durable goods Nondurable Equipment, total Business and defense Business Defense and space Nonindustrial supplies Construction supplies Business supplies Commercial energy products r Revised. p Preliminary. 2000 2007 2007 Q4 2008 Q1r Q2r 2008 Feb.r Mar.r Apr.r Mayr Juner Julyp 2,813.4 2,114.3 1,476.4 471.7 278.6 193.0 1,004.8 637.9 621.5 561.2 60.3 699.1 196.8 502.3 135.7 3,034.7 2,311.5 1,606.3 495.0 299.3 195.8 1,105.3 715.4 698.4 622.5 77.1 724.5 200.3 524.2 155.1 3,039.0 2,316.7 1,605.4 492.2 298.8 193.5 1,106.5 722.8 706.8 629.0 78.8 723.8 197.9 525.9 155.6 3,046.2 2,325.8 1,610.6 476.3 287.9 188.4 1,122.6 727.1 710.8 632.9 78.9 722.2 194.6 527.5 158.6 3,002.9 2,288.4 1,582.2 449.8 261.7 188.0 1,115.5 718.8 700.7 622.9 78.5 715.9 191.8 524.1 158.3 3,051.2 2,330.6 1,616.8 478.9 291.6 187.4 1,126.4 724.7 708.5 631.0 78.6 722.4 193.6 528.7 161.0 3,025.4 2,309.1 1,593.6 465.2 277.1 188.1 1,115.0 729.4 712.8 635.4 78.7 717.9 193.4 524.4 155.3 2,998.4 2,283.0 1,578.3 441.6 253.4 188.1 1,117.7 717.2 699.3 621.4 78.6 716.7 191.2 525.5 158.5 2,996.0 2,282.3 1,576.6 445.7 257.1 188.4 1,113.3 718.8 700.6 623.3 78.2 715.0 192.3 522.7 156.7 3,014.3 2,299.9 1,591.5 462.3 274.6 187.6 1,115.4 720.4 702.2 624.1 78.8 716.0 191.8 524.1 159.8 3,033.7 2,320.8 1,605.0 470.4 283.4 187.0 1,122.1 728.3 710.5 632.1 79.3 715.0 192.4 522.5 159.0 Table 10 G ROSS -VALUE -W EIGHTED I NDUSTRIAL P RODUCTION : S TAGE - OF -P ROCESS G ROUPS Percent change, seasonally adjusted Fourth quarter to fourth quarter Item 2007 gross value1 1996.8 1719.2 985.6 426.2 2005 5.3 4.8 -.7 -7.9 2006 2.3 -1.6 -.6 7.6 2007 1.4 2.4 2.0 2.3 2007 Q4 -1.9 -1.1 -.5 4.8 Annual rate 2008 Q1r Q2r -1.5 -1.7 4.2 .4 -6.7 -3.5 -3.4 -.3 Monthly rate 2008 Feb.r -.4 -.2 -.8 -.1 Mar. r Apr. r May r June r July p July ’07 to July ’08 -1.6 -1.2 .8 1.9 Finished Semifinished Primary Crude r Revised. p Preliminary. 1. Billions of 2000 dollars. -.2 -.7 -.7 .2 -1.9 -.3 .3 -.6 .2 -.6 -.8 .9 .8 .9 .0 -.5 .8 -.1 .5 .7 12 Table 11 H ISTORICAL S TATISTICS FOR I NDUSTRIAL P RODUCTION , C APACITY, AND U TILIZATION : Total Industry Seasonally adjusted Year IP (percent change)1 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 IP (2002=100) 2006 2007 2008 Capacity (percent of 2002 output) 2006 2007 2008 Utilization (percent) 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Q1 Q2 Q3 Q4 Annual .5 -.3 .0 .2 -.5 -.5 -.6 .5 .4 .3 -.6 .1 .4 .5 .1 -.7 .5 .6 .3 .5 .1 -.4 .2 108.8 109.8 112.6 -.7 1.3 .4 -.5 .9 -.7 .7 .3 .0 .0 1.7 1.2 .0 .4 .4 -.6 .1 .4 .5 .6 -.1 .7 -.3 108.7 110.5 112.3 -.6 .2 .3 .2 .5 -.5 .8 .0 1.1 .1 -.2 .8 .0 .2 .4 -.3 .7 -.2 -.5 .0 .2 -.1 -.2 109.0 110.4 112.0 .1 .6 .6 .0 -.1 .2 .7 .3 .5 -.1 .7 .0 .5 .2 .6 -.3 .4 -.8 .5 -.1 .4 .5 -.6 109.4 111.0 111.3 .1 .7 -.1 -.7 .2 1.0 .4 -.4 .6 .2 .6 .6 .6 .7 .2 -.7 .5 .0 .7 .3 -.1 .0 -.2 109.3 111.0 111.1 -.3 .5 .2 .0 .3 1.0 .0 .2 .7 .3 .9 .5 -.5 -.2 .1 -.6 1.0 .2 -.8 .4 .5 .3 .4 109.9 111.4 111.6 .6 .6 .2 -.9 -.1 .0 .8 .3 .2 -.4 -.1 .6 -.4 .6 -.2 -.5 -.3 .4 .7 .0 .3 .6 .2 110.1 112.0 111.8 -.2 .7 .5 .9 .2 .1 -.5 .0 .5 1.3 .6 1.4 2.1 .5 -.2 -.4 .1 -.1 .3 .2 .1 .0 .2 .3 -.3 -.3 .2 .8 .2 .4 .2 .4 .5 .9 -.3 -.4 .4 -.4 .0 .5 -.1 -1.8 -.4 .3 .5 1.5 .6 -.1 -.7 -.2 .7 .7 .8 -.2 .0 .7 .7 1.3 -.4 -.6 -.3 .1 1.0 1.2 -.1 -.4 .5 .5 .2 .3 -1.2 -.2 .4 .4 .7 .3 .9 .9 -.1 .6 .0 -.5 .4 .8 .3 1.1 -.2 .4 .9 .5 .4 .7 -.7 -.3 .0 .5 1.1 .5 .7 .4 .3 .8 -.3 .0 -.5 -.1 .6 .5 .6 .1 2.3 5.4 3.5 1.5 3.2 -7.5 -.3 3.5 5.2 5.3 3.5 8.0 4.1 4.3 4.9 -5.5 2.3 2.7 2.6 5.4 3.2 1.5 .4 108.9 110.2 112.3 -2.4 7.2 3.5 -1.8 2.8 2.6 7.3 1.2 7.4 .9 7.7 6.3 3.1 3.8 5.0 -5.2 6.3 -2.9 2.0 1.9 2.6 3.2 -3.2 109.5 111.1 111.4 1.7 7.3 2.1 -2.5 1.4 5.5 2.9 2.1 5.2 3.8 5.1 9.7 2.9 4.0 -.3 -5.9 2.3 2.8 2.0 -.4 1.9 3.6 4.6 10.2 3.2 1.8 -6.0 .7 3.9 6.0 8.2 3.3 5.6 10.7 5.2 8.0 -1.3 -5.2 -.5 3.7 5.8 3.7 -.9 .3 1.0 5.2 5.2 .9 1.0 -1.6 2.8 3.3 5.3 4.8 4.4 7.3 5.9 4.3 4.2 -3.4 -.1 1.2 2.5 3.3 2.2 1.7 110.2 112.0 109.8 112.3 109.7 111.8 109.5 112.3 110.2 112.4 110.1 112.1 109.8 112.2 109.6 111.4 134.6 136.4 139.0 134.7 136.6 139.1 134.9 136.8 139.3 135.0 137.0 139.5 135.2 137.2 139.7 135.3 137.4 139.9 135.4 137.6 140.0 135.6 137.9 135.7 138.1 135.9 138.3 136.0 138.5 136.2 138.7 134.7 136.6 139.1 135.2 137.2 139.7 135.6 137.9 136.1 138.5 135.4 137.5 79.7 79.0 83.3 85.0 82.5 79.8 79.0 81.1 82.5 85.0 82.6 83.2 84.4 82.0 82.4 79.4 73.8 75.6 77.2 79.8 80.9 80.5 81.0 79.0 79.9 83.5 84.5 83.0 79.1 79.5 81.2 82.3 84.7 83.6 83.8 83.9 82.0 82.4 78.7 73.8 75.9 77.6 80.2 80.7 80.9 80.3 78.4 79.9 83.7 84.6 83.2 78.6 80.0 81.1 83.0 84.5 83.1 84.0 83.4 81.8 82.4 78.2 74.2 75.9 77.1 80.1 80.8 80.7 80.5 78.4 80.2 84.1 84.4 82.9 78.6 80.4 81.3 83.2 84.1 83.3 83.6 83.3 81.7 82.6 77.8 74.4 75.3 77.5 80.0 81.1 81.0 79.8 78.4 80.6 83.9 83.7 82.9 79.3 80.5 80.9 83.4 84.0 83.4 83.7 83.3 82.0 82.5 77.1 74.7 75.4 78.0 80.2 80.9 80.9 79.6 78.1 80.8 84.1 83.6 83.0 80.0 80.4 81.1 83.7 83.9 83.7 83.6 82.4 81.6 82.4 76.4 75.4 75.6 77.4 80.5 81.2 81.0 79.8 78.5 81.2 84.2 82.6 82.7 79.9 80.9 81.2 83.7 83.3 83.2 83.6 81.6 81.8 81.9 75.9 75.1 75.9 77.9 80.4 81.3 81.4 79.9 78.3 81.6 84.5 83.2 82.8 79.9 80.3 81.1 83.8 84.1 83.4 84.2 82.9 81.9 81.5 75.4 75.2 75.9 78.1 80.5 81.3 81.2 78.3 81.7 84.2 82.8 82.8 80.5 80.4 81.4 83.7 84.1 83.4 84.5 82.3 81.3 81.6 74.9 75.2 76.3 78.0 79.0 80.9 81.3 78.6 82.8 84.6 82.6 82.1 80.2 80.8 81.8 84.2 83.6 83.0 84.6 82.5 82.0 81.0 74.3 75.0 76.4 78.7 79.8 80.8 80.8 78.8 83.1 84.6 82.6 80.9 80.0 80.9 82.0 84.4 83.5 83.4 84.8 82.0 82.2 80.7 73.8 75.4 77.0 79.0 80.6 80.5 81.1 79.4 83.4 84.9 83.1 80.3 79.6 80.8 82.3 85.1 83.5 83.5 84.6 82.0 82.6 80.2 73.6 75.1 77.0 79.4 80.9 80.9 81.0 79.0 79.6 83.5 84.7 82.9 79.2 79.5 81.2 82.6 84.7 83.1 83.7 83.9 82.0 82.4 78.8 73.9 75.8 77.3 80.0 80.8 80.7 80.6 78.3 80.5 84.0 83.9 83.0 79.3 80.5 81.1 83.4 84.0 83.5 83.6 83.0 81.8 82.5 77.1 74.8 75.4 77.6 80.3 81.0 81.0 79.7 78.4 81.5 84.3 82.9 82.8 80.1 80.5 81.2 83.7 83.8 83.3 84.1 82.3 81.6 81.6 75.4 75.2 76.1 78.0 80.0 81.2 81.3 78.9 83.1 84.7 82.8 81.1 79.9 80.9 82.1 84.5 83.5 83.3 84.7 82.2 82.3 80.6 73.9 75.2 76.8 79.1 80.4 80.7 81.0 78.7 81.2 84.1 83.6 82.4 79.6 80.3 81.4 83.6 84.0 83.3 84.0 82.8 81.9 81.8 76.3 74.8 76.0 78.0 80.2 80.9 81.0 1. Quarterly changes are at annual rates. Annual changes are calculated from annual averages. 13 Table 12 H ISTORICAL S TATISTICS FOR I NDUSTRIAL P RODUCTION , C APACITY, AND U TILIZATION : Manufacturing1 Seasonally adjusted Year IP (percent change)2 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 IP (2002=100) 2006 2007 2008 Capacity (percent of 2002 output) 2006 2007 2008 Utilization (percent) 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Q1 Q2 Q3 Q4 Annual 1.1 -.3 -.2 .7 -.1 -.8 -.6 1.0 .2 .3 -.7 .1 .7 .3 .2 -.6 .4 .5 .0 .7 .7 -.6 .0 110.9 111.1 113.8 -.6 1.4 .2 -1.0 1.4 -.6 .9 .2 .1 -.1 1.7 1.4 .0 .7 .3 -.6 .1 .2 .6 .7 -.4 .1 -.6 110.5 111.3 113.1 -.3 .1 .3 -.1 .4 -.7 1.0 -.1 1.3 .2 -.3 1.2 -.2 -.1 .7 -.3 .7 .3 -.1 -.3 .0 .7 .1 110.5 112.0 113.2 .4 .5 .9 .1 -.3 .3 .6 .6 .8 -.2 1.0 -.2 .7 .4 .6 -.2 .1 -1.0 .5 .0 .5 .4 -.9 111.1 112.4 112.2 .1 .8 -.1 -.8 .1 .7 .6 -.1 .7 .0 .6 .9 .5 .9 -.1 -.7 .7 .1 .7 .6 -.3 .2 .0 110.8 112.6 112.3 -.3 .4 .1 .1 .2 1.1 .3 -.1 .3 .4 1.1 .7 -.7 -.3 .2 -.7 1.1 .6 -.7 .2 .4 .5 .1 111.2 113.2 112.4 .6 .7 .1 -1.1 -.2 .2 .8 .3 .5 -.6 .3 .5 -.5 .5 .0 -.4 -.4 .2 .8 .0 .1 .8 .4 111.3 114.1 112.8 .2 .5 .1 .9 .3 .3 -.5 -.1 .7 1.2 .6 1.7 2.5 .7 -.5 -.7 .3 -.3 .7 .3 .3 -.4 .2 .6 .3 -.2 .0 1.0 .1 .6 .3 .8 .6 .9 -.3 -.4 .4 -.4 .0 .7 -.2 -1.0 -.2 .4 .4 1.6 .6 -.2 -.8 -.2 .6 .8 1.0 -.2 -.1 .7 .9 1.6 -.4 -.7 -.5 .1 1.0 1.5 -.5 -.4 .5 .6 .3 .2 -1.1 -.3 .4 .4 .8 .1 .8 1.1 .2 .8 -.3 -.3 .4 1.0 .1 .8 -.1 .2 .9 .6 .4 .2 -.7 -.1 -.2 .5 1.2 .5 .9 .5 .5 .7 -.6 .2 -.5 -.2 .5 -.1 1.0 .0 4.4 6.0 2.5 1.7 4.7 -8.8 .7 4.3 5.0 5.6 2.8 9.6 5.7 4.8 5.4 -6.3 2.8 2.0 2.1 5.8 2.7 1.1 -1.0 110.6 111.5 113.4 -.1 6.9 4.5 -3.2 2.6 2.1 8.3 1.8 9.4 .3 8.7 7.5 2.6 4.2 4.8 -5.4 5.7 -1.9 3.3 2.2 1.4 4.7 -3.9 111.0 112.8 112.3 2.6 7.1 1.4 -3.0 .7 7.1 3.9 1.3 6.1 3.1 7.5 10.9 3.1 3.7 -.4 -6.4 3.1 2.6 3.9 1.0 1.6 4.0 5.0 11.7 4.9 .6 -6.6 1.4 2.7 6.7 9.9 4.1 5.9 11.6 7.5 9.6 -2.9 -5.1 -1.1 4.1 5.4 6.0 -1.1 -.6 2.2 5.7 5.4 .8 .8 -2.0 3.6 3.5 5.9 5.2 4.8 8.5 6.7 5.0 4.5 -4.1 -.1 1.3 2.9 4.0 2.4 1.7 111.7 113.6 111.5 114.0 110.9 113.5 110.8 113.8 111.8 113.8 111.5 113.9 111.2 113.7 111.1 112.9 139.1 141.0 143.9 139.3 141.2 144.1 139.4 141.4 144.4 139.6 141.7 144.6 139.7 141.9 144.8 139.9 142.1 145.0 140.0 142.4 145.2 140.2 142.7 140.3 142.9 140.5 143.2 140.7 143.4 140.8 143.7 139.3 141.2 144.1 139.7 141.9 144.8 140.2 142.7 140.7 143.4 140.0 142.3 78.8 78.9 83.0 85.4 81.6 78.4 78.0 80.3 81.2 84.5 81.4 82.0 83.7 80.9 81.1 77.0 71.8 73.4 75.0 78.1 79.7 78.8 79.1 78.2 79.9 83.1 84.5 82.5 77.8 78.5 80.3 81.1 84.1 82.3 82.7 83.1 81.1 81.0 76.4 71.8 73.6 75.5 78.6 79.3 78.8 78.4 77.9 79.7 83.3 84.2 82.6 77.1 79.1 80.0 82.0 83.9 81.6 83.2 82.4 80.7 81.2 75.9 72.2 73.8 75.4 78.3 79.2 79.2 78.5 78.2 80.0 83.9 84.1 82.3 77.3 79.4 80.4 82.4 83.5 82.0 82.5 82.3 80.6 81.3 75.5 72.2 73.2 75.8 78.3 79.6 79.4 77.6 78.2 80.4 83.8 83.2 82.2 77.7 79.7 80.2 82.7 83.2 82.0 82.7 82.2 81.0 80.9 74.7 72.7 73.3 76.3 78.6 79.3 79.4 77.5 77.9 80.5 83.8 83.2 82.2 78.5 79.8 80.0 82.7 83.1 82.5 82.8 81.1 80.4 80.8 74.0 73.5 73.8 75.7 78.7 79.5 79.6 77.5 78.2 80.8 83.9 82.1 81.9 78.5 80.2 80.1 82.8 82.3 82.3 82.6 80.2 80.4 80.4 73.6 73.1 73.9 76.3 78.6 79.5 80.1 77.7 78.3 81.1 83.9 82.6 81.9 78.6 79.7 79.9 83.1 82.9 82.3 83.4 81.7 80.6 79.7 72.9 73.4 73.8 76.8 78.7 79.7 79.6 78.4 81.4 84.1 82.2 81.8 79.3 79.5 80.3 83.1 83.2 82.4 83.6 81.0 80.0 79.7 72.5 73.4 74.3 76.6 77.8 79.4 79.8 78.5 82.5 84.5 81.9 81.0 79.1 79.8 80.8 83.6 82.7 81.9 83.5 81.3 80.9 79.1 71.9 73.1 74.4 77.3 78.9 78.9 79.2 78.8 82.9 84.7 81.9 79.9 78.7 79.9 81.0 83.9 82.4 82.2 83.9 81.0 81.1 78.5 71.5 73.4 75.1 77.4 79.4 78.7 79.3 79.3 83.3 84.9 81.8 79.2 78.6 79.6 81.2 84.6 82.4 82.4 83.7 81.1 81.3 77.8 71.6 73.0 75.0 77.7 79.3 79.4 79.2 78.3 79.5 83.1 84.7 82.2 77.8 78.5 80.2 81.4 84.2 81.8 82.7 83.1 80.9 81.1 76.4 71.9 73.6 75.3 78.4 79.4 78.9 78.7 78.1 80.3 83.8 83.5 82.2 77.8 79.6 80.2 82.6 83.3 82.2 82.7 81.9 80.7 81.0 74.7 72.8 73.4 75.9 78.5 79.4 79.5 77.6 78.3 81.1 84.0 82.3 81.9 78.8 79.8 80.1 83.0 82.8 82.3 83.2 81.0 80.3 79.9 73.0 73.3 74.0 76.6 78.4 79.5 79.8 78.9 82.9 84.7 81.9 80.0 78.8 79.8 81.0 84.0 82.5 82.2 83.7 81.1 81.1 78.5 71.7 73.2 74.8 77.5 79.2 79.0 79.3 78.4 80.9 83.9 83.1 81.6 78.3 79.4 80.4 82.8 83.2 82.1 83.1 81.8 80.7 80.1 73.9 72.8 74.0 76.3 78.6 79.4 79.4 1. Refer to note on cover page. 2. Quarterly changes are at annual rates. Annual changes are calculated from annual averages. 14 Table 13 H ISTORICAL S TATISTICS FOR I NDUSTRIAL P RODUCTION , C APACITY, High-Technology Industries1 Seasonally adjusted AND U TILIZATION : Total Industry Excluding Selected Nov. Dec. Q1 Q2 Q3 Q4 Annual Year IP (percent change)2 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 IP (2002=100) 2006 2007 2008 Capacity (percent of 2002 output) 2006 2007 2008 Utilization (percent) 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. .5 -.5 .0 .3 -.7 -.5 -.8 .5 .4 .2 -1.0 -.1 .2 .2 -.3 -.7 .7 .6 .2 .4 .0 -.4 .2 -.8 1.2 .4 -.5 .9 -.8 .7 .3 -.1 -.2 1.4 .9 -.1 .1 .0 -.5 .0 .2 .5 .5 -.2 .7 -.4 -.7 .2 .2 .3 .4 -.6 .8 -.1 .9 -.2 -.4 .5 -.1 -.1 .1 -.3 .7 -.3 -.6 -.1 .2 -.2 -.4 .1 .5 .5 -.1 -.2 .2 .6 .3 .3 -.3 .7 -.4 .3 -.1 .4 -.1 .3 -1.0 .6 -.1 .3 .4 -.7 .1 .6 -.2 -.7 .1 .9 .3 -.4 .4 .1 .5 .3 .5 .6 -.1 -.6 .4 -.1 .7 .3 -.2 -.1 -.2 -.2 .4 .2 .0 .2 1.0 -.1 .2 .6 .1 .7 .2 -.9 -.5 .0 -.5 .9 .1 -.9 .4 .4 .2 .4 .4 .5 .1 -1.1 -.2 .0 .8 .3 .1 -.5 -.5 .3 -.8 .3 -.5 -.3 -.3 .3 .7 -.2 .2 .4 .2 -.3 .6 .5 .9 .2 .1 -.6 -.1 .3 1.1 .4 1.0 2.0 .4 -.4 -.3 .0 -.1 .2 .0 .0 -.1 .1 .2 -.4 -.3 .1 .9 .1 .3 .0 .1 .4 .7 -.6 -.5 .4 -.5 .0 .5 -.2 -2.1 -.5 .2 .4 1.4 .5 -.2 -.8 -.2 .6 .6 .6 -.5 -.3 .7 .5 1.2 -.5 -.6 -.3 .0 1.0 1.1 -.1 -.6 .4 .5 .2 .2 -1.3 -.2 .3 .3 .4 .1 .8 .7 -.3 .3 -.2 -.5 .3 .7 .3 1.0 -.2 .4 .8 .4 .4 .7 -.7 -.5 .0 .5 .9 .2 .5 .2 .0 .6 -.5 -.1 -.6 -.1 .6 .5 .6 .0 2.3 4.4 3.0 1.8 2.4 -8.0 -1.8 3.0 4.3 3.1 -.2 5.0 1.6 .8 .7 -6.2 2.7 1.3 1.7 4.8 2.6 1.4 -.4 -2.6 6.4 2.8 -2.0 2.2 2.1 6.2 .5 5.5 -1.4 6.1 2.2 1.0 .4 1.7 -4.3 5.8 -4.4 2.1 1.3 1.7 2.2 -4.1 .6 6.0 1.4 -3.3 1.0 5.4 1.7 1.5 3.3 1.4 2.2 6.0 -.4 1.0 -2.8 -4.6 1.6 1.6 1.8 -1.8 1.1 2.2 4.0 9.2 2.9 1.0 -6.6 .3 2.8 5.1 5.5 .3 3.3 8.2 2.1 5.6 -2.8 -5.3 -1.1 3.0 5.4 2.2 -1.7 -1.0 .9 4.3 4.4 .6 .3 -2.0 1.9 2.5 4.0 2.5 1.7 4.2 3.1 1.2 1.1 -4.0 .0 .2 1.8 2.7 1.3 .9 105.8 106.0 107.6 105.6 106.7 107.2 105.8 106.5 106.7 106.2 106.9 106.0 106.0 106.9 105.8 106.4 107.1 106.3 106.6 107.5 106.5 106.6 107.4 106.1 107.6 106.0 107.0 105.7 107.4 106.3 107.4 105.7 106.4 107.2 106.2 107.0 106.0 106.5 107.5 106.0 107.3 106.1 107.0 130.3 131.5 132.7 130.4 131.5 132.8 130.5 131.6 132.8 130.6 131.7 132.9 130.7 131.8 133.0 130.8 131.9 133.1 130.9 132.0 133.2 131.0 132.1 131.1 132.2 131.2 132.3 131.3 132.4 131.4 132.5 130.4 131.5 132.7 130.7 131.8 133.0 131.0 132.1 131.3 132.4 130.9 132.0 80.2 79.2 83.6 85.3 82.7 80.0 78.9 81.2 82.6 85.0 82.3 83.5 84.5 82.1 81.9 79.1 75.3 77.0 77.7 80.4 81.2 80.6 81.2 79.4 80.1 83.9 84.8 83.3 79.3 79.4 81.4 82.5 84.7 83.3 84.0 84.1 82.1 81.8 78.5 75.2 77.2 78.1 80.8 81.0 81.1 80.4 78.8 80.1 84.0 85.0 83.5 78.7 79.9 81.3 83.1 84.4 82.8 84.2 83.7 81.8 81.8 78.2 75.7 77.1 77.6 80.8 81.1 80.9 80.5 78.8 80.4 84.4 84.8 83.2 78.8 80.4 81.5 83.3 84.1 83.3 83.6 83.7 81.5 82.0 78.0 76.0 76.4 78.0 80.6 81.3 81.2 79.8 78.8 80.8 84.2 84.1 83.2 79.4 80.5 81.1 83.5 83.9 83.5 83.6 83.9 81.9 81.8 77.5 76.3 76.4 78.6 80.9 81.0 81.1 79.6 78.6 81.1 84.3 84.0 83.3 80.1 80.3 81.1 83.9 83.9 83.9 83.5 82.9 81.3 81.7 77.0 76.9 76.5 77.9 81.2 81.3 81.2 79.8 78.8 81.4 84.4 83.0 83.0 80.0 80.9 81.3 83.8 83.3 83.4 83.4 82.0 81.4 81.2 76.7 76.7 76.8 78.5 81.0 81.4 81.4 79.9 78.5 81.8 84.7 83.6 83.1 80.0 80.3 81.2 83.9 84.1 83.5 84.0 83.4 81.6 80.8 76.4 76.7 76.7 78.6 81.0 81.4 81.3 78.6 81.9 84.4 83.2 83.1 80.6 80.4 81.4 83.8 84.0 83.6 84.3 82.6 81.0 81.0 75.9 76.8 77.1 78.5 79.3 80.9 81.4 78.8 83.0 84.7 82.9 82.4 80.3 80.8 81.9 84.2 83.4 83.2 84.5 82.8 81.8 80.4 75.4 76.6 77.1 79.3 80.1 80.8 80.9 79.1 83.3 84.9 82.9 81.2 80.1 81.0 82.1 84.4 83.3 83.6 84.8 82.3 82.0 80.2 75.0 76.9 77.7 79.6 80.9 80.5 81.1 79.6 83.6 85.2 83.4 80.5 79.6 80.9 82.4 85.0 83.3 83.8 84.6 82.2 82.3 79.7 74.8 76.5 77.6 80.1 81.2 80.9 81.1 79.5 79.8 83.8 85.1 83.2 79.3 79.4 81.3 82.7 84.7 82.8 83.9 84.1 82.0 81.8 78.6 75.4 77.1 77.8 80.6 81.1 80.9 80.7 78.7 80.8 84.3 84.3 83.2 79.5 80.4 81.2 83.5 84.0 83.6 83.5 83.5 81.6 81.8 77.5 76.4 76.4 78.2 80.9 81.2 81.1 79.7 78.6 81.7 84.5 83.2 83.1 80.2 80.5 81.3 83.8 83.8 83.5 83.9 82.7 81.3 81.0 76.3 76.7 76.8 78.6 80.4 81.2 81.4 79.2 83.3 84.9 83.1 81.4 80.0 80.9 82.1 84.5 83.4 83.6 84.6 82.4 82.0 80.1 75.1 76.7 77.4 79.7 80.7 80.7 81.0 79.0 81.4 84.4 83.9 82.7 79.8 80.3 81.5 83.7 84.0 83.4 84.0 83.2 81.7 81.2 76.9 76.3 77.0 78.5 80.7 81.1 81.1 1. Selected high-technology industries are computers, communications equipment, and semiconductors and related electronic components. 2. Quarterly changes are at annual rates. Annual changes are calculated from annual averages. 15 Table 14 H ISTORICAL S TATISTICS FOR I NDUSTRIAL P RODUCTION , C APACITY, AND U TILIZATION : Manufacturing1 Excluding Selected High-Technology Industries2 Seasonally adjusted Year IP (percent change)3 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 IP (2002=100) 2006 2007 2008 Capacity (percent of 2002 output) 2006 2007 2008 Utilization (percent) 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Q1 Q2 Q3 Q4 Annual 1.2 -.5 -.2 .8 -.2 -.8 -.8 1.1 .1 .2 -1.2 -.2 .5 .0 -.3 -.6 .6 .4 -.2 .6 .7 -.6 .0 107.2 106.4 107.6 -.7 1.4 .2 -1.0 1.4 -.8 .9 .1 .0 -.3 1.4 1.0 -.2 .4 -.2 -.5 .0 -.1 .6 .6 -.5 .1 -.8 106.6 106.5 106.8 -.3 .1 .2 -.1 .3 -.8 .9 -.3 1.2 -.1 -.5 .9 -.3 -.4 .3 -.3 .7 .1 -.2 -.3 .0 .6 -.1 106.6 107.2 106.7 .4 .4 .8 .0 -.3 .4 .4 .5 .6 -.4 1.0 -.7 .4 .0 .4 -.1 .0 -1.1 .6 .0 .5 .3 -1.1 107.1 107.5 105.6 .1 .7 -.2 -.8 .1 .6 .5 -.2 .5 -.2 .4 .5 .4 .8 -.5 -.7 .6 .0 .7 .5 -.4 .1 .1 106.7 107.5 105.6 -.2 .3 .0 .1 .2 1.1 .1 -.2 .2 .2 .9 .4 -1.1 -.7 .1 -.5 1.0 .4 -.8 .2 .3 .4 .1 107.0 107.9 105.7 .2 .6 .0 -1.3 -.2 .3 .8 .3 .3 -.8 -.1 .1 -.9 .0 -.4 -.1 -.5 .0 .9 -.1 .0 .5 .4 107.0 108.5 106.1 .2 .3 .1 .9 .3 .2 -.5 -.2 .5 .9 .3 1.3 2.4 .6 -.8 -.7 .3 -.4 .6 .1 .2 -.5 .2 .5 .3 -.3 -.1 1.1 -.1 .5 .1 .6 .4 .6 -.7 -.5 .4 -.4 .0 .7 -.3 -1.3 -.3 .3 .4 1.5 .5 -.3 -.9 -.2 .5 .7 .7 -.5 -.4 .6 .7 1.4 -.5 -.7 -.5 -.1 1.0 1.5 -.6 -.7 .4 .6 .3 .1 -1.2 -.4 .3 .3 .6 -.1 .7 .9 -.1 .4 -.6 -.2 .3 .9 .1 .7 -.2 .1 .8 .5 .4 .2 -.8 -.3 -.3 .5 1.0 .1 .7 .2 .2 .4 -.9 .1 -.7 -.3 .5 -.1 1.0 .0 4.7 4.7 1.8 2.1 3.8 -9.6 -1.1 3.9 3.9 3.1 -1.7 6.0 2.9 .8 .4 -7.3 3.3 .4 1.1 5.0 1.9 .9 -2.1 106.8 106.7 107.1 -.2 5.9 3.6 -3.5 1.9 1.5 7.0 .9 7.2 -2.5 6.8 2.6 .1 .3 .9 -4.4 5.0 -3.7 3.5 1.4 .3 3.5 -5.2 106.9 107.6 105.6 1.3 5.5 .5 -4.1 .2 7.1 2.6 .5 3.8 .2 4.2 6.6 -.8 .2 -3.5 -4.9 2.3 1.2 3.7 -.7 .5 2.3 4.3 10.5 4.5 -.5 -7.4 .9 1.3 5.7 6.7 .6 3.1 8.7 4.0 7.0 -4.9 -5.1 -1.9 3.2 4.9 4.3 -2.1 -2.3 2.1 4.6 4.4 .4 .0 -2.6 2.6 2.5 4.4 2.5 1.5 4.9 3.5 1.4 .8 -4.9 .0 .0 2.2 3.3 1.2 .7 107.2 108.0 106.9 108.3 106.2 107.5 106.1 107.7 107.1 107.6 107.0 108.3 106.5 107.6 106.8 107.6 134.0 135.0 136.1 134.1 135.1 136.2 134.2 135.1 136.3 134.3 135.2 136.4 134.4 135.3 136.5 134.5 135.4 136.6 134.6 135.5 136.7 134.6 135.6 134.7 135.7 134.8 135.8 134.8 135.9 134.9 136.0 134.1 135.1 136.2 134.4 135.3 136.5 134.6 135.6 134.8 135.9 134.5 135.5 79.4 79.1 83.3 85.8 81.8 78.7 77.8 80.4 81.3 84.5 80.9 82.3 83.6 81.0 80.4 76.4 73.3 74.9 75.5 78.8 80.0 78.8 79.1 78.8 80.1 83.5 84.9 82.8 77.9 78.4 80.4 81.2 84.1 81.9 82.9 83.2 81.1 80.2 75.9 73.3 74.9 75.9 79.2 79.5 78.9 78.4 78.4 80.1 83.7 84.7 82.9 77.2 79.0 80.1 82.0 83.8 81.2 83.3 82.6 80.5 80.3 75.6 73.8 75.1 75.8 79.0 79.4 79.3 78.4 78.7 80.2 84.3 84.5 82.5 77.4 79.3 80.5 82.4 83.3 81.8 82.4 82.6 80.3 80.4 75.5 73.8 74.3 76.3 78.9 79.7 79.5 77.4 78.7 80.7 84.1 83.7 82.5 77.7 79.6 80.3 82.7 83.0 82.0 82.5 82.7 80.7 79.9 74.9 74.3 74.3 76.8 79.3 79.4 79.5 77.4 78.5 80.8 84.1 83.7 82.5 78.5 79.6 80.0 82.7 83.0 82.5 82.5 81.5 80.0 79.8 74.4 75.1 74.7 76.2 79.3 79.5 79.7 77.4 78.6 81.1 84.1 82.4 82.2 78.6 80.1 80.2 82.9 82.2 82.3 82.3 80.5 79.8 79.4 74.3 74.8 74.7 76.9 79.2 79.5 80.1 77.7 78.6 81.3 84.1 83.0 82.3 78.7 79.6 79.9 83.2 82.7 82.4 83.0 82.1 80.1 78.7 73.8 75.0 74.5 77.4 79.2 79.6 79.6 78.7 81.6 84.3 82.6 82.1 79.4 79.5 80.2 83.1 83.0 82.5 83.2 81.3 79.5 78.8 73.5 75.1 75.1 77.2 78.1 79.4 79.8 78.8 82.8 84.7 82.2 81.3 79.2 79.8 80.7 83.5 82.4 82.0 83.3 81.6 80.5 78.3 72.9 74.7 75.1 77.9 79.2 78.8 79.2 79.1 83.2 84.9 82.1 80.2 78.8 79.9 80.9 83.9 82.1 82.4 83.7 81.3 80.7 77.7 72.8 75.0 75.8 78.0 79.7 78.6 79.3 79.6 83.6 85.2 82.1 79.4 78.5 79.6 81.2 84.5 82.1 82.7 83.6 81.2 80.9 77.0 72.8 74.5 75.6 78.3 79.5 79.4 79.2 78.9 79.8 83.5 85.1 82.5 77.9 78.4 80.3 81.5 84.1 81.3 82.8 83.1 80.9 80.3 76.0 73.4 75.0 75.7 79.0 79.7 79.0 78.6 78.6 80.6 84.2 84.0 82.5 77.9 79.5 80.2 82.6 83.1 82.1 82.5 82.3 80.3 80.1 74.9 74.4 74.4 76.4 79.2 79.5 79.6 77.4 78.6 81.4 84.2 82.7 82.2 78.9 79.8 80.1 83.0 82.6 82.4 82.8 81.3 79.8 79.0 73.9 74.9 74.8 77.2 78.9 79.5 79.8 79.2 83.2 85.0 82.1 80.3 78.8 79.8 81.0 84.0 82.2 82.4 83.5 81.3 80.7 77.7 72.8 74.7 75.5 78.1 79.5 79.0 79.2 78.8 81.2 84.2 83.5 81.9 78.4 79.3 80.4 82.8 83.0 82.1 82.9 82.0 80.4 79.3 74.4 74.4 74.9 76.9 79.1 79.4 79.4 1. Refer to note on cover page. 2. Selected high-technology industries are computers, communications equipment, and semiconductors and related electronic components. 3. Quarterly changes are at annual rates. Annual changes are calculated from annual averages. 16 E XPLANATORY N OTE The Industrial Production and Capacity Utilization statistical release, which is published around the middle of the month, reports measures of output, capacity, and capacity utilization in manufacturing, mining, and the electric and gas utilities industries. More detailed descriptions of industrial production and capacity utilization are available at www.federalreserve.gov/releases/G17 at the Board’s World Wide Web site. In addition, files containing data shown in the release, more detailed series that are published in a monthly supplement to the G.17, and historical data are available at the Board’s Web site. Instructions for searching for and downloading specific series are provided as well. For paid access to the data files through the Department of Commerce’s Economic Bulletin Board or World Wide Web site, please call STAT-USA at 1-800-STAT-USA or 202-452-1986. Diskettes containing historical data and the data published in this release also are available from the Board of Governors of the Federal Reserve System, Publications Services, 202-452-3245. I NDUSTRIAL P RODUCTION Coverage. The industrial production (IP) index measures the real output of the manufacturing, mining, and electric and gas utilities industries; the reference period for the index is 2002. Manufacturing consists of those industries included in the North American Industry Classification System, or NAICS, definition of manufacturing plus those industries-logging and newspaper, periodical, book and directory publishing-that have traditionally been considered to be manufacturing and included in the industrial sector. For the period since 1997, the total IP index has been constructed from 312 individual series based on the 2002 North American Industrial Classification System (NAICS) codes. These individual series are classified in two ways: (1) market groups, and (2) industry groups. Market groups consist of products and materials. Total products are the aggregate of final products, such as consumer goods and equipment, and nonindustrial supplies (which are inputs to nonindustrial sectors). Materials are inputs in the manufacture of products. Major industry groups include three-digit NAICS industries and aggregates of these industries—for example, durable and nondurable manufacturing, mining, and utilities. A complete description of the market and industry structures, including details regarding series classification, relative importance weights, and data sources, is available on the Board’s web site (www.federalreserve.gov/releases/G17/About.html). Changes in output for the market and industry groups are summarized in table 1 and the levels of output (in index form) are shown in table 4. Special aggregates, that highlight the relative importance and contributions of several key industries, such as high-technology and motor vehicles, are summarized in tables 2 and 5. For a detailed description of the contents of the statistical tables, see below. Source data. On a monthly basis, the individual indexes of industrial production are constructed from two main types of source data: (1) output measured in physical units and (2) data on inputs to the production process, from which output is inferred. Data on physical products, such as tons of steel or barrels of oil, are obtained from private trade associations and from government agencies; data of this type are used to estimate monthly IP wherever possible and appropriate. Production indexes for a few industries are derived by dividing estimated nominal output (calculated using unit production or sales and unit values) by a corresponding Fisher price index; the most notable of these fall within the high-technology grouping and include computers, communications equipment, and semiconductors. When suitable data on physical product are not available, estimates of output are based on production-worker hours by industry. Data on hours worked by production workers are collected in the monthly establishment survey conducted by the Bureau of Labor Statistics. The factors used to convert inputs into estimates of production are based on historical relationships between the inputs and the comprehensive annual data used to benchmark the IP indexes; these factors also may be influenced by technological or cyclical developments. The annual data used in benchmarking the individual IP indexes are constructed from a variety of source data, such as the quinquennial Censuses of Manufactures and Mineral Industries and the Annual Survey of Manufactures, prepared by the Bureau of the Census; the Minerals Yearbook, prepared by the United States Geological Survey of the Department of the Interior; and publications of the Department of Energy. Aggregation Methodology and Weights. The aggregation method for the IP index is a version of the Fisher-ideal index formula. (For a detailed discussion of the aggregation method, see Federal Reserve Bulletin February 1997 and March 2001.) In the IP index, series that measure the output of an individual industry are combined using weights derived from their proportion in the total value-added output of all industries. The IP index, which extends back to 1919, is built as a chain-type index since 1972. The current formula for the growth in monthly IP (or any of the sub-aggregates) since 1972 is the geometric mean of the change in output (I), and, as can be seen below, is computed using the unit value added estimate for the current month (pm ) and the estimate for previous month: A Im A Im−1 = Im pm−1 × Im−1 pm−1 Im pm Im−1 pm The IP proportions (typically shown in the first column of the relevant tables in the G.17 release) are estimates of the industries’ relative contributions to overall growth in the following year. For example, the relative importance weight of the motor vehicles and parts industry is about 8 percent. If output in this industry increased 10 percent in a month, then this gain would boost growth in total IP by 8/10 percentage point (0.08 x 10% = 0.8%). To assist users with calculations, the Federal Reserve’s web site provides supplemental monthly statistics that represent the exact proportionate contribution of a monthly change in a component index to the monthly change in the total index (www.federalreserve.gov/ releases/G17/ipdisk/ipweights.sa). Timing. The first estimate of output for a month is published around the 15th of the following month. The estimate is preliminary (denoted by the superscript “p” in tables) and, beginning with the release of March 2008 data, subject to revision in each of the subsequent five months as new source data become available. (Revised estimates are denoted by the superscript “r” in tables.) For the first estimate of output for a given month, about 70 percent of the source data (in value-added terms) are available; the fraction of available source data increases to about 84 percent for estimates in the second month that the estimate is published, 98 percent in the third month, and 98 percent in the fourth month. Data availability by data type, based on the four-month reporting window used in 2007, is summarized in the table below: Availability of Monthly IP Data in Publication Window (Percent of value added in 2007) Month of estimate Type of data Physical product Production-worker hours IP data received IP data estimated 1st 29 42 70 30 2nd 42 42 84 16 3rd 56 42 98 2 4th 56 42 98 2 The physical product group includes series based on either monthly or quarterly data. As can be seen in the first line of the table, in the first month, a physical product indicator is available for about half of the series (in terms of value added) that ultimately are based on physical product data (29 percent out of total of 56 percent). Of the 29 percent, about two-thirds (19 percent of total IP) include series that are derived from weekly physical product data and for which actual monthly data may lag up to several months. On average, quarterly product data are received for the third estimate of industrial production. Specifically, quarterly data are available for the second estimate of the last month of a quarter, the third estimate of the second month of a quarter, and the fourth estimate of the first month of a quarter. The incorporation of a six-month window is expected to allow an additional 3 percent to 4 percent of IP to reflect primary source data. Seasonal adjustment. Individual series are seasonally adjusted using Census X-12 ARIMA. For series based on production-worker hours, 17 the current seasonal factors were estimated with data through January 2008; for other series, the factors were estimated with data through at least September 2007. Series are pre-adjusted for the effects of holidays or the business cycle when appropriate. For the data since 1972, all seasonally adjusted aggregate indexes are calculated by aggregating the seasonally adjusted indexes of the individual series. Reliability. The average revision to the level of the total IP index, without regard to sign, between the first and the fourth estimates was 0.26 percent during the 1987–2006 period. The average revision to the percent change in total IP, without regard to sign, from the first to the fourth estimates was 0.21 percentage point during the 1987–2006 period. In most cases (about 85 percent), the direction of change in output indicated by the first estimate for a given month is the same as that shown by the fourth estimate. Rounding. The published percent changes are calculated from unrounded indexes, and may not be the same as percent changes calculated from the rounded indexes shown in the release. C APACITY U TILIZATION Overview. The Federal Reserve Board constructs estimates of capacity and capacity utilization for industries in manufacturing, mining, and electric and gas utilities. For a given industry, the capacity utilization rate is equal to an output index (seasonally adjusted) divided by a capacity index. The Federal Reserve Board’s capacity indexes attempt to capture the concept of sustainable maximum output—the greatest level of output a plant can maintain within the framework of a realistic work schedule, after factoring in normal downtime and assuming sufficient availability of inputs to operate the capital in place. Coverage. Capacity indexes are constructed for 87 detailed industries (69 in manufacturing, 16 in mining, and 2 in utilities), which mostly correspond to industries at the three- and four-digit NAICS level. Estimates of capacity and utilization are available for a variety of groups, including durable and nondurable manufacturing, total manufacturing, mining, utilities, and total industry. Manufacturing consists of those industries included in the North American Industry Classification System, or NAICS, definition of manufacturing plus those industries—logging and newspaper, periodical, book and directory publishing—that have traditionally been considered to be manufacturing and included in the industrial sector. Also, special aggregates are available, such as high-tech industries and manufacturing excluding high-tech industries. Source Data. The monthly rates of capacity utilization are designed to be consistent with both the monthly data on production and the periodically available data on capacity and utilization. Because there is no direct monthly information on overall industrial capacity or utilization rates, the Federal Reserve first estimates annual capacity indexes from the source data. Capacity data reported in physical units from government sources (primarily from the U.S. Geological Survey and the Department of Energy’s Energy Information Administration) and trade sources are available for portions of several industries in manufacturing (e.g., paper, industrial chemicals, petroleum refining, motor vehicles), as well as for electric utilities and mining; these industries represent about 24 percent of total industrial capacity. When physical product data are unavailable for manufacturing industries, capacity indexes are based on responses to the Bureau of the Census’s Survey of Plant Capacity (SPC); these industries account for a bit less than 72 percent of total industry capacity. In the absence of utilization data for a few mining and petroleum series, capacity is based on trends through peaks in production (roughly 4 percent of total industry capacity). A detailed description of the methodology used to construct the capacity indexes is available on the Board’s web site (www.federalreserve.gov/releases/G17/cap notes.htm). Aggregation Methodology. Monthly capacity aggregates are calculated in three steps: (1) utilization aggregates are calculated on an annual basis through the most recent full year as capacity-weighted aggregates of individual utilization rates; (2) the annual aggregate capacity is derived from the corresponding production and utilization aggregates; (3) the monthly capacity aggregate is obtained by interpolating with a Fisher index of its constituent monthly capacity series. Utilization rates for the individual series and aggregates are calculated by dividing the pertinent monthly production index by the related capacity index. Consistency. A major aim is that the Federal Reserve utilization rates be consistent over time so that, for example, a rate of 85 percent means about the same degree of tightness that it meant in the past. A major task for the Federal Reserve in developing reasonable and consistent time series of capacity and utilization is dealing with inconsistencies between the movements of the industrial production index and the survey-based utilization rates. The McGraw-Hill/DRI Survey, now discontinued, was the primary source of manufacturing utilization rates for many years. This was a survey of large companies that reported, on average, higher utilization rates than those reported by establishments covered by the SPC (currently the primary source of factory operating rates) for the fourteen years they overlapped. Adjustments have been made to keep the industry utilization rates currently reported by the Federal Reserve roughly in line with rates formerly reported by McGraw-Hill. As a consequence, the rates reported by the Federal Reserve tend to be higher than the rates reported in the SPC. Perspective. Over the 1972–2007 period, the average total industry utilization rate is 81.0 percent; for manufacturing, the average factory operating rate has been 79.7 percent. Industrial plants usually operate at capacity utilization rates that are well below 100 percent: none of the broad aggregates has ever reached 100 percent. For total industry and total manufacturing, utilization rates have exceeded 90 percent only in wartime. The highs and lows in capacity utilization shown in table 7 are specific to each series and do not all occur in the same month. R EFERENCES AND R ELEASE DATES References. The annual revision published in March 2008 will be described in a Federal Reserve Bulletin article to be published in the summer of 2008. The annual revision published in December 2006 is described in an article published in the Federal Reserve Bulletin, vol. 93, pp. A39–A58, www.federalreserve.gov/pubs/bulletin. A description of the aggregation methods for industrial production and capacity utilization is included in an article in the Federal Reserve Bulletin, vol. 83 (February 1997), pp. 67-92. The Federal Reserve methodology for constructing industry-level measures of capital is detailed in “Capital Stock Estimates for Manufacturing Industries: Methods and Data” by Mike Mohr and Charles Gilbert (1996), which can be obtained at: www.federalreserve.gov/releases/g17/capital stock doc-latest.pdf. Industrial Production—1986 Edition contains a more detailed description of the other methods used to compile the industrial production index, plus a history of its development, a glossary of terms, and a bibliography. The major revisions to the IP indexes and capacity utilization since 1990 have been described in the Federal Reserve Bulletin (April 1990, June 1990, June 1993, March 1994, January 1995, January 1996, February 1997, February 1998, January 1999, March 2000, March 2001, March 2002, April 2003, Winter 2004, Winter 2005, Winter 2006, May 2007). Release Schedule At 9:15 a.m. on 2008: January 16, February 15, March 17, April 16, May 15, June 17, July 16, August 15, September 15, October 16, November 17, and December 15. 18